Is Regulation The End For Bitcoin? - page 6.

asuryan180

hero member

Activity: 868

Merit: 1000

Quote from: johnyj on March 13, 2015, 10:33:35 PM

Technically it is not possible to regulate, and in fact banks are dodging government regulations regularly using different tricks. So I don't think bitcoin business will be any different, they will always find a way to get around regulation, because the governments are technically incompetent to regulate either banks or bitcoin

Have to agree with this they can barley regulate anything as it stands, banks drugs, stocks, tax the list is endless whatever they try lik eyou say there is always a way around it people always find a way around the governments attempts to take full control which is a good thing would hate to see something as good as bitcoin become tarnished with their potential regs.

Honeybooboo

sr. member

Activity: 354

Merit: 250

Regulation is essentially a necessary evil for mainstream adoption/acceptance whether people like it or not. What is problematic is the level of regulation it receives. Minimal is fine and perfectly acceptable but if they start making complex regulations around it then it will become troublesome to use and work out your taxes on it.

Quote from: johnyj on March 13, 2015, 10:33:35 PM

Technically it is not possible to regulate, and in fact banks are dodging government regulations regularly using different tricks. So I don't think bitcoin business will be any different, they will always find a way to get around regulation, because the governments are technically incompetent to regulate either banks or bitcoin

They won't regulate bitcoin directly but just people using it. They'll tax the products purchased with it in the same way fiat is taxed on regular goods and services etc. People evading taxes and laws will be punished in the usual way.

Quote from: 333seven on March 14, 2015, 06:11:32 AM

Bitcoin cant be regulated. Any attempt to control it would render it invaluable.

How do you work that out? Please expand and clarify your statement.

333seven

newbie

Activity: 8

Merit: 0

Bitcoin cant be regulated. Any attempt to control it would render it invaluable.

johnyj

legendary

Activity: 1988

Merit: 1012

Beyond Imagination

Technically it is not possible to regulate, and in fact banks are dodging government regulations regularly using different tricks. So I don't think bitcoin business will be any different, they will always find a way to get around regulation, because the governments are technically incompetent to regulate either banks or bitcoin

Hazir

legendary

Activity: 1596

Merit: 1005

★Nitrogensports.eu★

Quote from: M28MmickT on March 13, 2015, 07:48:46 PM

Quote from: croato on March 13, 2015, 07:42:07 PM

Exchanges and most businesses related to bitcoin should be regulated in my opinion if we want Bitcoin to succed and Bitcoin it self cant be regulated as long as it is decentralised.

This is right and that is all we need to be regulated is the greedy's who run some of the exchanges as it was and has been a free for all steal what you can and get out the door. (After blaming a hacker of course) lol

I guess you are missing something here. Exchanges doesn't need regulations! They need better protection! Operators of exchange markets should be more aware of dangers and keep people's coins stored in SECURE way. That is the only thing that I would change, really, because if you try to regulate exchanges it will be first step to regulate all services linked to bitcoin.

mayax

legendary

Activity: 1470

Merit: 1004

Quote from: ABCbits on March 13, 2015, 03:40:25 AM

First, there will be less bitcoiner, since it's regulated
Second, some bitcoin will sell their coins & dropping bitcoin price, since it's better to hold fiat than regulated bitcoin
Third, some bitcoin service will be closed, especially ilegal service Sad

But, i think bitcoin better die than must be regulated

correct. what is VERY strange is that many are very happy that someone exchanges are regulated

they are either blinds,stupid or kids.

Regulated = reporting to gov, taxes and so on. this is contrary to what BTC goal.

ajareselde

legendary

Activity: 1722

Merit: 1000

Satoshi is rolling in his grave. #bitcoin

It is near to impossible to regulate bitcoin itself,so i doubt that will ever happen, however, the regulation will come sooner or later to trading,exchanging and many
of the services that are linked with bitcoin.

Its not the end of bitcoin, and it never will be, but it sure will be the end of the bitcoins wild west adventure where people get ripped off at ever corner.
I think regulations will enforce audits of large exchanges, force them to report buyers and sellers, no more hiding behind the nicknames, and that will be the strongest hit to popularity,
unless larger players see their chance in entering the game once "all rules are known".
Bitcoin mixing services will be the first ones to be outright forbidden and closed down, since they are the ones who will provide most anonymity to abusers of crypto-currency.

cheers

M28MmickT

sr. member

Activity: 433

Merit: 250

BTG CEO

Quote from: croato on March 13, 2015, 07:42:07 PM

Exchanges and most businesses related to bitcoin should be regulated in my opinion if we want Bitcoin to succed and Bitcoin it self cant be regulated as long as it is decentralised.

This is right and that is all we need to be regulated is the greedy's who run some of the exchanges as it was and has been a free for all steal what you can and get out the door. (After blaming a hacker of course) lol

croato

hero member

Activity: 616

Merit: 500

1BkEzspSxp2zzHiZTtUZJ6TjEb1hERFdRr

Exchanges and most businesses related to bitcoin should be regulated in my opinion if we want Bitcoin to succed and Bitcoin it self cant be regulated as long as it is decentralised.

Snail2

legendary

Activity: 1512

Merit: 1000

Quote from: ChuckBuck on March 13, 2015, 10:43:44 AM

All the Gox'ing, Stamp'ing, Mycoin'ing, Neo and Bees, and continuous scams will prevent Bitcoin from maturing and taking off if only the 200,000 or so Bitcoin users in the world use it. Need to add a few a more decimals to that figure, and only way to do that is to provide protection.

Sure. In the fiat world we never ever seen any scams... bankers, brokers and politicians are all honest blokes. Do you guys really this naive?

networthsigns

sr. member

Activity: 448

Merit: 250

Quote from: countryfree on March 13, 2015, 03:51:01 PM

Regulation? Drugs are highly regulated. In most places, they're illegal, and yet they're everywhere, available to all. If governments have failed with drugs, I can't imagine how they could control BTC with whatever regulation.

Yes i am with you i can't see how they can possibly regulate bitcoin, only be able to regulate the already centralized parts of bitcoin and that will be good that is all that needs regulating is the exchanges. Last i heard bitcoin was banned in china by their govt yet they are probably the biggest user base goes to show how well they can control bitcoin

No doubt in my mind they will fail trying

nutildah

legendary

Activity: 3010

Merit: 8114

The IRS has already issued guidance on how to report BTC buys/sales as taxable income... Any more regulation that adds to the transaction fee renders bitcoin more and more useless. The U.S. is already getting their cut every time you report gains from BTC, lets hope it ends there.

New York is already well on the way to making sure it won't, though.

countryfree

legendary

Activity: 3066

Merit: 1047

Your country may be your worst enemy

Regulation? Drugs are highly regulated. In most places, they're illegal, and yet they're everywhere, available to all. If governments have failed with drugs, I can't imagine how they could control BTC with whatever regulation.

redhawk979

sr. member

Activity: 271

Merit: 250

Quote from: Beliathon on March 13, 2015, 12:02:50 PM

The blockchain will treat any harmful regulation as damage to the system, and will route around it as indifferently as a river routes around a boulder.

Yea, cause microsoft, et.al are totally going to stay on board with that.

Ron~Popeil

sr. member

Activity: 406

Merit: 250

Quote from: erikalui on March 13, 2015, 01:30:34 PM

Quote from: Ron~Popeil on March 13, 2015, 01:04:05 PM

Quote from: erikalui on March 13, 2015, 12:03:43 PM

I feel that it's better that bitcoins are regulated. It will be more safer to use and a recognized entity as it is said in the article that currently Bitcoin can be used for illegal activities like funding terrorist organizations but with the regulation, this risk will reduce significantly.

We have books of regulations for fiat currency. Criminals still use it. So do terrorists. You cannot regulate away people with nefarious intentions regardless of what their chosen medium of exchange is. There will always be criminals and they will always use currency no matter the format.

Criminals can get anything without any verification but if the currency is regulated, it will atleast not be illegal to use for users who are earning it and not using it for illegal activities. Currently in some countries, transaction in bitcoins is considered illegal.

And yet those countries still have crime and terrorism issues. Weird.....

Governments tend to assume that everyone has nefarious intentions and proceed to place ham handed regulations on everyone as a result. They then prosecute people that would not be criminals except for their regulations. They then trot out these "criminals" and pat themselves on the back for proving that their regulations work.

Crypto currencies do not need specific regulation. Governments need to enforce consumer protections and current laws to protect crypto users within the current regulatory framework.

erikalui

legendary

Activity: 2632

Merit: 1094

Quote from: Ron~Popeil on March 13, 2015, 01:04:05 PM

Quote from: erikalui on March 13, 2015, 12:03:43 PM

I feel that it's better that bitcoins are regulated. It will be more safer to use and a recognized entity as it is said in the article that currently Bitcoin can be used for illegal activities like funding terrorist organizations but with the regulation, this risk will reduce significantly.

We have books of regulations for fiat currency. Criminals still use it. So do terrorists. You cannot regulate away people with nefarious intentions regardless of what their chosen medium of exchange is. There will always be criminals and they will always use currency no matter the format.

Criminals can get anything without any verification but if the currency is regulated, it will atleast not be illegal to use for users who are earning it and not using it for illegal activities. Currently in some countries, transaction in bitcoins is considered illegal.

winchancer

member

Activity: 98

Merit: 10

That's crap. BTC will never be regulated otherwise it will be another LibertyReserve currency aka victim of Usa.
It was created to evade any possible regulation so it is so popular...

Joe_Bauers

hero member

Activity: 802

Merit: 1003

GCVMMWH

In general, regulation is the enemy of freedom. However, some regulation, especially with regard to the exchanges, will likely get rid of some of the "wild wild west" aspects of the current environment and possibly bring wider adoption.

This regulation could be as simple as a "mandatory" proof of reserves concept used by all major exchanges to help eliminate any future MtGakEsque shitstorms and should be enabled/enforced by the community rather than some world government.

Bit_Happy

legendary

Activity: 2114

Merit: 1040

A Great Time to Start Something!

Quote from: ABCbits on March 13, 2015, 03:40:25 AM

First, there will be less bitcoiner, since it's regulated
Second, some bitcoin will sell their coins & dropping bitcoin price, since it's better to hold fiat than regulated bitcoin
Third, some bitcoin service will be closed, especially ilegal service Sad

But, i think bitcoin better die than must be regulated

First, there will be many more bitcoiners, since countless business are looking for a "stable legal framework" before they dive into BTC related activities.

Ron~Popeil

sr. member

Activity: 406

Merit: 250

Quote from: erikalui on March 13, 2015, 12:03:43 PM

I feel that it's better that bitcoins are regulated. It will be more safer to use and a recognized entity as it is said in the article that currently Bitcoin can be used for illegal activities like funding terrorist organizations but with the regulation, this risk will reduce significantly.

We have books of regulations for fiat currency. Criminals still use it. So do terrorists. You cannot regulate away people with nefarious intentions regardless of what their chosen medium of exchange is. There will always be criminals and they will always use currency no matter the format.

Topic: Is Regulation The End For Bitcoin? - page 6. (Read 6881 times)